Bitcoin is holding strong and has rejected the support level at $15,600. The digital asset is currently trading below the June low, however, has found some upside momentum.
Litecoin has proven itself as a great alternative to other major cryptos as a store of value during this bear market as it has outperformed the top 10 coins since the June collapse.
EUR/USD has reversed and is trading upwards as the Dollar loses its momentum. Gold is bullish and has broken the bearish indicators which it traded against most of the year. We can see that traders are searching for entries to go long in Gold.
In today’s DIFX Analytics, we’re going to look into the following assets:
Litecoin displaying strength by outperforming Bitcoin
Litecoin has been performing reasonably well amid all the chaos in the crypto market. The digital asset did not pass nor touch the June selloff price
This project has increased strength compared to Bitcoin and has clearly outperformed the asset. The 100-day EMA has intersected with the 50-day EMA which is a bullish signal.
RSI has displayed upwards momentum as it has crossed 70 and is now around 72. Price action is at a 6-month high with Litecoin outperforming every other top 10 cryptocurrencies in recent times.
Bitcoin rebounds off $15,600
Bitcoin is currently trading at $16,450 at the time of the writing. If we compare the dip back in June then we can see Bitcoin has set a new low recently for the year.
The support level at $15,600 has been quite strong and the asset bounced off this level at the start of the week.
We can see some strength forming in Bitcoin, however, RSI is still quite low and the moving averages on the daily are not signaling a strong reversal.
Investors in Gold are waiting for long-entry positions
Gold has recently seen a massive trend reversal to the upside. The bullish momentum has been confirmed by the breaking of the downward trend as well as intersecting both 50 and 100-day EMAs which it had failed to do since falling beneath them back in May of this year.
There has been a slight retracement to the downside after the bulls we saw after inflation data which indicated that the Fed’s hawkish policies were taking effect on the market.
The 50 days EMA is currently at $1705 and the 100-day EMA is at $1724. Both can be areas of interest for traders. Investors should keep an eye on the next support levels.
Traders wait for new EURUSD trend to form
EUR/USD traded most of the year trending downwards. We saw price action rebound off the 50-day EMA on multiple occasions which you can see on the chart. The trend line drawn follows this 50-day EMA which price action failed to break.
During this downward period, RSI failed to break 52.29. Now we see EURUSD has broken the trend and is looking extremely bullish. As the reversal began, RSI managed to break the 52 levels to set a yearly high at 69.2.
Traders are awaiting price action to set a new trend after this initial bullish reversal.
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